February 1, 2022
As recently reported, RenoRun Inc., an Instacart-like service to deliver materials to general contractors based in Montreal, has raised US$142M in private financing, led by global hedge fund Tiger Global Management. The financing includes more than US$100M in equity issued by RenoRun plus other financing instruments including debt. U.S. venture capital firms, Sozo Ventures, Fifth Wall and Triple Point Capital were also involved in the financing.
RenoRun generates more than US$30M in annual revenue and has served more than 15,000 contracts since inception. Chief Executive Officer, Eamonn O’Rourke expects RenoRun’s revenue to hit more than US$100M this year, as the company expands operations into new cities and doubles its employees. RenoRun currently operates in Toronto, Montreal, Boston, Philadelphia and Chicago.
RenoRun was founded in 2016 and was inspired by Instacart’s on-demand grocery delivery service. O’Rourke, one of the founders, believed that this same business model could apply to contractors, as he stated “the beauty of this business is that on any residential in almost any North American city you can see a potential client”. The company is vertically integrated, overseeing its own logistics with branded vans, uniformed drivers, route optimization and invoicing. It operates a warehouse in each market, which it stocks with nearly 20,000 items from an array of suppliers.
By: Matthew Erdman